- The Bank of Russia (Central Bank) at the subsequent stages of the formation of a prototype of the digital ruble platform plans to introduce the possibility of its exchange for foreign currency.
- This is stated in the draft of the main directions of digitalization of the financial market for the period 2022-2024, published on December 10.
- According to the Central Bank, the development of the digital ruble platform will be carried out in stages – with a gradual expansion of the range of connected participants and the types of available transactions.
The Bank of Russia (Central Bank) at the subsequent stages of the formation of a prototype of the digital ruble platform plans to introduce the possibility of its exchange for foreign currency. This is stated in the draft of the main directions of digitalization of the financial market for the period 2022-2024, published on December 10.
According to the Central Bank, the development of the digital ruble platform will be carried out in stages – with a gradual expansion of the range of connected participants and the types of available transactions.
The first stage of platform testing will be launched in 2022. Within its framework, credit institutions will be connected and C2C operations (from consumer to consumer) will be implemented. The second stage of testing involves connecting the Federal Treasury and implementing the functionality of smart contracts, as well as business-to-government (B2G), business-to-business (B2B), consumer-to-business (C2B) operations, and so on.
Central Bank Plans for CBDC as well?
Then the Central Bank plans to connect financial intermediaries, financial infrastructure (exchanges, brokers, marketplaces, insurance companies, etc.), as well as introduce an offline mode and ensure the exchange of the digital ruble for foreign currency and the ability to open wallets for non-resident clients.
Also Read : The Russian prosecutor general wants cryptocurrency incorporated into Russian law
Earlier, on December 9, the Prosecutor General of the Russian Federation Igor Krasnov said that the introduction of the digital ruble would be one of the ways to solve the problem of criminalization of the digital space . According to the Prosecutor General, it will increase the transparency of settlements, reduce the risk of corruption and money laundering.
Prior to that, in April, Viktor Dostov, scientific director of the Center for Competence of Distributed Registers of St. Petersburg State University, shared his opinion that for the digital ruble, the main advantages are concentrated on the side of the Central Bank. These include the ability to introduce a regime for the use of money, full control over monetary aggregates and liquidity, effective monetary policy, and management of fees. In addition, he noted that the demand for digital currency is a key issue for countries that are preparing for its launch.